The process to obtain a payday loan is very easy, and it all starts with filling out our online request form on the left side of this page. Within minutes of submitting it, a representative from your nearest store location will call you back to confirm your information, answer your questions and make sure you have the simple required items for your payday loan.
Bill C28 supersedes the Criminal Code of Canada for the purpose of exempting Payday loan companies from the law, if the provinces passed legislation to govern payday loans. Payday loans in Canada are governed by the individual provinces. All provinces, except Newfoundland and Labrador, have passed legislation. For example, in Ontario loans have a maximum rate of 14,299% Effective Annual Rate ("EAR")($21 per $100, over 2 weeks). As of 2017, major payday lenders have reduced the rate to $18 per $100, over 2 weeks.
I was wondering what kind of trouble I could get into if we are unable to pay back our payday loans. Our income is ssdi. We originally had 4 payday loans but one let us do an installment loan. We thought we could handle trying to pay things back but it has come to the point that everything else has to be let go because of the fees have changed and become super high from the time we had first taken out the loans. Everything can be directly taken out of our bank account if the payment isn’t made and that would be bad. But we are getting disconnect notices on our utilities because we were trying to keep these paid because we were afraid of going to jail because we were told if the amount was 500 or over it was a felony charge and all 3 are 500 or more each and the installment is 850 totaling at one time the amount we would have to pay over $4,000 so this is why we are so scared. But I have children and if we can’t pay rent or utilities we could lose them as well.. We have not missed any payments on the loans but its to the point that we can’t do it anymore and I know we did this to ourselves but we really need help on what to do. should we close out our bank account and see what happens with the companies and try to mediate with them or file bankruptcy I really need help I am stressing and feeling like there is no help and no end I cant see a light
4. Stay on top of your payments. Commit to a loan length that you know will work for your budget. For instance, if your loan length is three years, do the math and see if you can manage to pay it off in two. If there are no prepayment fees, you’ll save on the interest. However, if you can’t, your credit won’t be affected negatively and you’ll still be adhering to the terms of the loan.
Note that accounts closed in good standing stay on your credit report for 10 more years, so it doesn’t affect your credit age in the near term. After 10 years, the closed account will only lower your average age if you close old accounts and keep newer ones around. If you close newer accounts and keep the old ones open, this may actually help improve your credit score.